Queensland Consolidated Acts

BUILDING INDUSTRY FAIRNESS (SECURITY OF PAYMENT) ACT 2017 - SECT 51A

51A Amounts in trust account unavailable for trustee’s debts

(1) An amount paid, or required to be paid, into a trust account under this chapter can not be—

(a) used to recover a debt owed to a creditor of the trustee; or

(b) attached or taken in execution under a court order or process for the benefit of a creditor of the trustee.

(2) Subsection (1) —

(a) applies in relation to the trustee, whether in the capacity of trustee or otherwise; and

(b) ceases to apply to an amount once lawfully withdrawn from the trust account; and

(c) does not apply to the extent it would interfere with the right of a beneficiary under this Act.

(3) In this section—

"beneficiary" , of a trust account, does not include a beneficiary who is also the trustee for the account.